Best Short-Term Business Loans From Our Partners
Best Short-Term Business Loans From Our Partners
Sort By
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
Bluevine - Line of credit
Best for fast funding
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
Expansion Capital Group - Merchant cash advance
Best for bad credit
Pros
- Simple application with minimal documentation required.
- Low minimum credit score requirement.
- Daily or weekly repayment available.
- Offers prepayment discounts.
Cons
- Business assets required as collateral in some cases.
- Factor rate and fee information not available on website.
- Charges an origination fee and a monthly servicing fee.
Expansion Capital Group - Merchant cash advance
Best for bad credit
Pros
- Simple application with minimal documentation required.
- Low minimum credit score requirement.
- Daily or weekly repayment available.
- Offers prepayment discounts.
Cons
- Business assets required as collateral in some cases.
- Factor rate and fee information not available on website.
- Charges an origination fee and a monthly servicing fee.
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Charges origination fee.
OnDeck - Online term loan
Best for working capital needs
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Charges origination fee.
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
Fora Financial - Online term loan
Best for large loan amounts
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Headway Capital - Line of credit
Best for easy application process
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Pros
- Funding in as little as 24 hours.
- Startups and borrowers with bad credit may qualify.
- Prepayment discounts available.
- No collateral required.
Cons
- Requires higher annual revenue than other online lenders.
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Charges an origination fee.
QuickBridge - Online term loan
Best for prepayment discounts
Pros
- Funding in as little as 24 hours.
- Startups and borrowers with bad credit may qualify.
- Prepayment discounts available.
- No collateral required.
Cons
- Requires higher annual revenue than other online lenders.
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Charges an origination fee.
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
Fundbox - Line of credit
Best for startups
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
with Fundera by NerdWallet
Pros
- Streamlined application process with minimal paperwork.
- Financing from $2,000 to $250,000 available.
- Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
- Monthly repayment schedule (as opposed to daily or weekly).
- No prepayment penalties, account maintenance fees or draw fees.
Cons
- Must have online checking or PayPal account to verify cash flow.
- Complex monthly fee structure makes it difficult to compare costs to other lenders.
American Express® Business Line of Credit*
Best for business lines of credit
with Fundera by NerdWallet
Pros
- Streamlined application process with minimal paperwork.
- Financing from $2,000 to $250,000 available.
- Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
- Monthly repayment schedule (as opposed to daily or weekly).
- No prepayment penalties, account maintenance fees or draw fees.
Cons
- Must have online checking or PayPal account to verify cash flow.
- Complex monthly fee structure makes it difficult to compare costs to other lenders.
Pros
- Capital available within 24 to 48 hours.
- No collateral required.
- Manages payment collection from your customers.
- Accepts startups and businesses with bad credit.
Cons
- Fees can become expensive the longer it takes your customers to pay.
- Difficult to compare factoring costs to other types of business loans.
- Charges an origination fee.
AltLINE - Invoice factoring
Best for business-to-business companies
Pros
- Capital available within 24 to 48 hours.
- No collateral required.
- Manages payment collection from your customers.
- Accepts startups and businesses with bad credit.
Cons
- Fees can become expensive the longer it takes your customers to pay.
- Difficult to compare factoring costs to other types of business loans.
- Charges an origination fee.
Bluevine
- Minimum credit score:625.
- Minimum time in business:12months.
- Minimum annual revenue: $120000.
- No bankruptcies in the past year.
Cash can be available within 12 to 24 hours.
Can be used to build business credit.
Low minimum credit score requirement.
Requires weekly payments.
Not available in North Dakota, South Dakota or Nevada.
Rates can be high compared with traditional lenders.
Expansion Capital Group
- Minimum credit score:500.
- Minimum time in business:6months.
- Minimum annual revenue: $100000.
Simple application with minimal documentation required.
Low minimum credit score requirement.
Daily or weekly repayment available.
Offers prepayment discounts.
Business assets required as collateral in some cases.
Factor rate and fee information not available on website.
Charges an origination fee and a monthly servicing fee.
OnDeck
- Minimum credit score:625.
- Minimum time in business:12months.
- Minimum annual revenue: $100000.
- Business bank account.
Cash can be available within the same business day.
Accepts borrowers with a minimum credit score of 625.
Streamlined application process with minimal documentation required.
Can be used to build business credit.
Cannot fund North Dakota-based businesses.
Requires frequent (daily or weekly) repayments.
Interest rates can be high compared with traditional lenders.
Charges origination fee.
Fora Financial
- Minimum credit score:570.
- Minimum time in business:6months.
- Minimum annual revenue: $240000.
- No open bankruptcies or dismissed bankruptcies within the past year.
Cash can be available quickly.
Get a discount for prepaying.
No collateral required.
Low minimum credit score requirement.
Charges a factor rate that makes it more difficult to compare costs with other lenders.
Can’t build business credit.
Longest loan term is 18 months.
Charges an origination fee.
Headway Capital
- Minimum credit score:625.
- Minimum time in business:6months.
- Minimum annual revenue: $50000.
Flexible qualification requirements.
No prepayment penalties.
Funds available by next business day after approval.
Most borrowers are subject to a 2% draw fee.
Not available in all U.S. states.
QuickBridge
- Minimum credit score:600.
- Minimum time in business:6months.
- Minimum annual revenue: $250000.
Funding in as little as 24 hours.
Startups and borrowers with bad credit may qualify.
Prepayment discounts available.
No collateral required.
Requires higher annual revenue than other online lenders.
Charges a factor rate that makes it more difficult to compare costs with other lenders.
Can’t build business credit.
Charges an origination fee.
Fundbox
- Minimum credit score:600.
- Minimum time in business:3months.
- Minimum annual revenue: $30000.
Financing available within one business day after approval.
Simple application with minimal documentation required.
Startup-friendly — accepts borrowers with a minimum of six months in business.
Low minimum credit score requirement.
No prepayment penalties, account maintenance fees or inactivity fees.
Rates are high compared with traditional banks.
Weekly repayments required over a short term (maximum of 24 weeks).
American Express® Business Line of Credit
- 3% to 9% for six-month loans.
- 6% to 18% for 12-month loans.
- 9% to 27% for 18-month loans.
- 12% to 18% for 24-month loans.
- Minimum FICO score of at least660at the time of application. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
- Must have started your business at least a year ago.
- Average monthly revenue of at least $3,000.
- All businesses are unique and are subject to approval and review.
Streamlined application process with minimal paperwork.
Financing from $2,000 to $250,000 available.
Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
Monthly repayment schedule (as opposed to daily or weekly).
No prepayment penalties, account maintenance fees or draw fees.
Must have online checking or PayPal account to verify cash flow.
Personal guarantee required.
Complex monthly fee structure makes it difficult to compare costs to other lenders.
AltLINE
- All credit scores may be accepted (ranging from 300 to 850).
- No minimum time in business requirement.
- No minimum annual revenue requirement.
- Must be a B2B business.
Capital available within 24 to 48 hours.
No collateral required.
Manages payment collection from your customers.
Accepts startups and businesses with bad credit.
Fees can become expensive the longer it takes your customers to pay.
Difficult to compare factoring costs to other types of business loans.
Charges an origination fee.
Business term loan
Business line of credit
Invoice factoring
Merchant cash advance
Pros
Cons
- Unexpected business opportunity. If you receive an unexpected business opportunity, a short-term loan may be a good option to help grow revenue or even cut costs. It can provide the funds needed to take on a new customer and hire additional staff or take advantage of an inventory discount for buying in bulk, for example.
- Seasonal cash flow gaps. Seasonal businesses often experience interruptions in cash flow during the off-season. A short-term business loan can provide quick access to the funds you need to keep operations running when sales fall off or meet the costs of preparing for the upcoming season.
- Emergency expenses. If you need to replace a crucial piece of broken equipment, a short-term loan may be a good option. These loans can help you cover emergency expenses as a result of a natural disaster, accident or economic difficulty.
1. Assess your financing needs
2. Evaluate your qualifications
3. Find and compare lenders
4. Submit your application
5. Close your loan
Situation | Financing alternative | |
---|---|---|
Your loan payment amount is too large | If the payment amount on your short-term loan is outside your budget, a business loan with a longer repayment period may offer a lower monthly payment. Long-term business loans can have terms up to 10 years, and even 25 years, in some cases. Depending on the rate, however, you may pay more in interest over the life of the loan. | |
Frequent payments will disrupt your cash flow | Short-term lenders often require daily or weekly payments. A business credit card, however, operates similar to a business line of credit and typically requires monthly payments. But carrying a balance instead of paying off the card in full each month can get expensive. | |
Taking on additional debt isn’t possible | If your business isn’t generating enough revenue to take on another debt payment, business grants may be an option. Business grants don’t require repayment, but competition for them is strong. | |
You can’t meet lender requirements | If you don’t meet lender requirements for a loan because you have a low credit score or haven’t been in business long, consider using crowdfunding to create a fundraising campaign for your business. It can be a low-cost way to raise capital and also an opportunity to build an enthusiastic client base — without taking on additional debt. |
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.